The Federal Executive Council (FEC), has approved the 2025 appropriation bill of N47.9trn, scheduled for presentation to the National Assembly on Wednesday.
The Minister of Budget and Economic Planning, Atiku Bagudu, confirmed to State House Correspondents after the Monday Council meeting presided over by President Bola Tinubu, that all the grey areas in the budget have been addressed, thereby making the budget now set for presentation by the President.
He disclosed that the 2025 budget has a revenue projection of N34.820t, expenditures of N47.960t, and a deficit of 13.13%.
Bagudu also revealed that under the 2024 budget, the federal government had a revenue of N14.55t or 75% performance in revenue, as of September 2024, with expectations that it will do better by the end of the year.
Read Also: President Tinubu to Present 2025 Budget on Wednesday
The Minister earlier gave a breakdown of the Medium Term Expenditures Framework (MTEF) for 2025 to 2027 in line with the Fiscal Responsibility Act of 2007, which was earlier passed by the National Assembly.
“In line with the 2007 fiscal Responsibility Act, the framework projected a Gross Domestic Product GDP growth rate of 4.6%, and crude oil price of $75 per barrel, as well as an exchange rate of N1400 to one United States Dollar and oil production of 2.06 million barrels per day.
“The Council approved oil production of 2.06 million barrels per day for the 2025 budget, following significant gains in security to support domestic production, a capital component of 33%, amongst the other assumptions”
Recall that the 2025 budget was approved on the 14th of November, by the Federal Executive Council (FEC), subject to the passage of the 2025-2027 Midterm Economic Framework MTEF/FSP by the lawmakers.
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